Zhongfu Shenying Carbon Fiber (SH:688295) EBSCN·2025-09-22 11:03Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved significant improvement in profitability in Q2 2025, marking its first profit in a year, with a revenue of 5.2 billion yuan, a year-on-year increase of 83% [2][3] - The carbon fiber market prices have stabilized at the bottom, contributing to the company's cost reduction efforts and improved profitability [2] - The company has seen a substantial increase in sales volume, particularly in the wind power sector, which grew over 200% year-on-year [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 9.2 billion yuan, a 26% increase year-on-year, while net profit was 0.12 billion yuan, down 52% year-on-year [1] - In Q2 2025, the company achieved a gross margin of 24.5%, up 4.2 percentage points year-on-year, and 21.1 percentage points quarter-on-quarter, reaching a new high since Q2 2024 [2] Cost Management - The company successfully reduced production costs by 4.55% year-on-year and management expenses by 44.93% in H1 2025 through various cost-saving initiatives [2] Sales Growth - The sales volume of 3K silk and other small filament products increased by 77% year-on-year, while high-strength and high-modulus series products saw a 53% increase [3] - The company has made significant breakthroughs in aerospace and other sectors, with core products like T800 grade carbon fiber showing steady growth [3] Investment Forecast - The profit forecast for the company has been adjusted upwards for 2025 and 2026, with expected net profits of 1.25 billion yuan and 1.57 billion yuan respectively, and a new forecast for 2027 at 2.15 billion yuan [3]